The 2 main key factors required to sponsor your immediate family is:-

i. Financial Ability – The sponsor must provide proof that he is self capable to provide food, shelter and other basic requirements for everyday living
ii. Minimum Necessary Income (MNI) – There are different criteria to reach the minimum necessary income for different provinces which you need to keep in mind before applying.

Also you must be atleast 18 years or above, residing in Canada holding a Canadian citizenship or permanent residency.